As Fintech Startups Sprout Like Weeds, Scotiabank Begins Taking Digital Innovation Very Seriously

Scotiabank this week reflected on the progress of its so-called “digital transformation.”

Management expects the majority of the additional efficiency improvements to lower operating costs and make it easier for customers to do business in digital channels.

“Our customers want to do more of their banking through digital channels,” said Scotiabank President and CEO Brian Porter, “and we want them to conduct more of their business with our bank. Our digital-first mindset should send a clear message to customers, employees and shareholders: When it comes to digital banking, we are positioning Scotiabank to lead.”

The progress we are making toward our Digital Transformation has also increased management’s confidence in the Bank’s ability to achieve our stated medium-term financial objectives.  These productivity gains should contribute to improved profitability over the medium term.

“This digital transformation is a comprehensive effort that extends across the Bank – from sales and marketing, to risk and technology,” Nacho Deschamps, Group Head of International Banking and Digital Transformation, who is leading Scotiabank’s Digital Transformation efforts, said. “The focus our leaders are bringing to this transformation, when combined with the passion of our teams around the world, has helped us create strong alignment across the Bank’s geographies and drive scale.”

Scotiabank has created a dedicated digital banking organization to give this transformation momentum and velocity, build an agile mindset, attract digital talent, and foster increased collaboration and innovation.

“Banking plays a critical role in people’s lives,” says Shawn Rose, Executive Vice President of Digital Banking. “We have such a wonderful opportunity before us to add real value to our customer’s lives. That is incredibly rewarding and motivating.”

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